Snapshot
Indicators across the board have surprised on the upside, suggesting that a moderate recovery is firmly entrenched. In November, manufacturing PMI rose to its highest level since June, consumer confidence recovered the ground lost since July and unemployment dropped to 8.6%, which marked the lowest level in over two years. Meanwhile, in the political arena, Congress has once more become deadlocked. Republicans in the House voted against a bill approved by both Democrats and Republicans in the Senate to extend the 2% payroll tax cut, as well as the unemployment benefits set to expire at the end of this year.
